Hong Kong, Shanghai Stocks Finish The Week Strongly

Hong Kong stocks finished the week on a strong note on Friday, in line with an advance across Asian bourses on hopes for a virus vaccine.

The Hang Seng Index rose 1.3 percent, to 25,113.

On the mainland, the Shanghai Composite Index added 0.5 percent, to 3,380 while the Shenzhen Composite Index climbed 1.1 percent, to 2,249.

Seoul and Wellington rose more than 1 percent, while Taipei added 2 percent.

Tokyo edged up 0.2 percent while Singapore, Mumbai and Bangkok were also higher. Sydney dipped slightly.

The investors remained guarded as the coronavirus continues to spread, and is seeing a resurgence in Europe – just as the rate of new US cases appears to be easing – largely because of renewed travel, summer holidays and parties.

But a tough week for regional markets ended on a positive note, with optimism lifting after Pfizer and BioNTech SE said a vaccine they are working on could be up for regulatory review by October.

"The likelihood of another round of full lockdowns is decreasing, even in the case of a full-blown second wave of outbreaks, and that could continue to support risk assets in the coming months," said Ken Berman at Gorilla Trades.

"Despite the improving outlook, risks remain high, and volatility could still rise in the usually more active last quarter of the year." (AFP)